$1.6 trillion, then $1.3 trillion, a mere $8.5 trillion over the next decade…and that assumes (always a dangerous proposition) very rosy GDP growth numbers in the later years.   This is the best that the brightest economic minds in our administration can do.  Think about that.  The most thoughtful, determined, experienced members of our leading economic team cannot come up with a budget proposal that is balanced, near balanced, thinks about being balanced, or has any chance of coming close to balanced for the foreseeable future.  I’m not singling out the current administration because of political affiliation, I’m singling them out because they are currently in the seat of power.  They have the reins.  The previous administration was a fiscal train wreck as well.

We raise taxes (which I believe are necessary) and lower spending, but we don’t even scratch the surface of what is necessary.  Starting in 1933 we promised all citizens a safety net, which has eventually grown into a foundation of benefits that have taken on the stature of rights.  Costs have never been contained, the programs have never been actuarially sound.  There has not been a methodology for lowering payments or benefits as circumstances of the country changed.  We are not being honest - politically or intellectually.

David Walker, the old Comptroller of the Currency who is now part of the Pete Peterson Foundation, was on CNBC this morning talking yet again about “restructuring” entitlement payments.  He’s trying to get to the point of cutting payments without having to say the word “cut” because he knows, as we all do, that people stop listening.

We, as constituents, have turned a blind eye to this issue for decades.  There has never been a sustainable path outlined for our entitlement spending, and yet by its very name (entitlement) we treat it as untouchable.  It’s not.  It will be unpleasant.  It will be heart-wrenching.  The burdens will fall in an unfair manner.  However these programs are not untouchable. 

Because we as constituents were not focused on our debt and the incredible weight of entitlement spending, any and every politician that attempted to rein it in was crucified by special interest groups.  There is a reason Social Security is considered the third rail (the electrified rail in the NYC subway system) of politics.  If you touch it, you die.  So we end up with entire generations of politicians who pledge to do nothing in this area.  They have performed admirably.

Now we are turning a page in America.  There is anger, resentment, and fear.  Ordinary citizens are talking about the deficit, the budget, and monetary policy.  Imagine, everyday people discussing the role of the Fed and the printing of dollars and monetizing the debt!  This rising sense of fiscal responsibility will not cause our current elected class to change course.  They’ve seen it before and nothing came of it.  Those that took the bait and called for drastic changes were once again punished.  What must happen to convince those in public office that Americans are serious is an overturn of who is in office.  In short, throw them out.  The good ones, the bad ones, the mediocre ones.  There must be a stand taken, somewhere, to say that we see this debt as a crippling habit that will not only slow down our lives, but ruin the lives of those that come after us.  

The path is simple.  Changing the regulations require Congressional action.  To get action, the members of Congress must be motivated.  To be motivated, they must understand that their voters are focused on these issues (debt, spending, etc.).  To get them focused, they must have their political fortunes based on these issues, which means we must elect those who run on platforms that are clearly based in debt reduction and responsible tax and spend programs.  This will mean sweeping out those currently in office, those who were elected based on different platforms and issues.  With a very large group of freshman we might have a chance at change.  I’m hoping for that.  Wait a minute…I’m starting to sound like a campaign.

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